What are the tax implications of the division of assets in a San Diego divorce? Is it possible to structure decisions in a divorce to maximize the funds retained by each party based upon the strategies implemented during the divorce? Family law attorneys are not tax experts, and we work cooperatively with your divorce attorney to help structure the division of assets and manage financial details to minimize or eliminate tax exposure so that you are able to retain more of the assets after the divorce is completed.
It is surprising to many spouses that they actually don’t know as much about their partner’s income and assets as they previously thought, especially when a business is involved. Often, one spouse takes the responsibility of filing tax returns and even managing the couple’s assets. We have had several clients who discovered that they were facing potential criminal tax exposure based upon actions taken by their former spouse. You may be liable for tax related matters you may not have understood or managed. This is why it is important to consult with a tax attorney during your divorce process, to protect your interests and to ensure that you retain as much of your assets as possible moving forward. Contact our office for a free initial consultation to discuss the tax implications of substantial assets or business ownership in a divorce by calling 866-631-3470.